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Performance (Tables)
 12 Months Ended
Dec. 31, 2018
Analysis of income and expense [abstract]  
Disclosure of revenue
Revenue from continuing operations by category
 
2018

 
2017

 
2016

 
(US$ millions)
Mobile
2,248

 
2,281

 
2,343

Cable and other fixed services
1,568

 
1,553

 
1,437

Other
46

 
41

 
39

Service revenue
3,861

 
3,876

 
3,820

Telephone and equipment and other
213

 
200

 
223

Total revenue
4,074

 
4,076

 
4,043


Revenue from continuing operations by country or operation
 
2018
 
2017
 
2016
 
(US$ millions)
Colombia
1,661

 
1,739

 
1,717

Paraguay
679

 
662

 
623

Bolivia
614

 
555

 
542

El Salvador
405

 
422

 
425

Tanzania (excluding Zantel)
356

 
348

 
347

Chad
128

 
140

 
166

Costa Rica
155

 
153

 
152

Panama
17

 
—

 
—

Other operations
60

 
57

 
71

Total
4,074

 
4,076

 
4,043

Revenue from contracts with customers from continuing operations:
Year ended December 31, 2018
 
 
 
 
 
 
 
$ millions
Timing of revenue recognition
 
Latin America
 
Africa
 
Total Group
Mobile
Over time
 
1,701

 
401

 
2,102

Mobile Financial Services
Point in time
 
37

 
109

 
147

Cable and other fixed services
Over time
 
1,556

 
12

 
1,568

Other
Over time
 
42

 
3

 
46

Service Revenue
 
 
3,336

 
526

 
3,861

Telephone and equipment
Point in time
 
212

 
1

 
213

Revenue from contracts with customers
 
 
3,548

 
526

 
4,074

Revenue from contracts with customers from continuing operations:
Year ended December 31, 2018
 
 
 
 
 
 
 
$ millions
Timing of revenue recognition
 
Latin America
 
Africa
 
Total Group
Mobile
Over time
 
1,701

 
401

 
2,102

Mobile Financial Services
Point in time
 
37

 
109

 
147

Cable and other fixed services
Over time
 
1,556

 
12

 
1,568

Other
Over time
 
42

 
3

 
46

Service Revenue
 
 
3,336

 
526

 
3,861

Telephone and equipment
Point in time
 
212

 
1

 
213

Revenue from contracts with customers
 
 
3,548

 
526

 
4,074
Disclosure of cost of sales
The cost of sales and operating expenses incurred by the Group can be summarized as follows:
Cost of sales
 
2018
 
2017
 
2016
 
(US$ millions)
 
 
Direct costs of services sold
(829
)
 
(913
)
 
(857
)
Cost of telephone, equipment and other accessories
(230
)
 
(219
)
 
(254
)
Bad debt and obsolescence costs
(87
)
 
(72
)
 
(63
)
Cost of sales
(1,146
)
 
(1,205
)
 
(1,175
)
Disclosure of operating expenses
Operating expenses, net
 
2018
 
2017
 
2016
 
(US$ millions)
 
 
Marketing expenses
(404
)
 
(463
)
 
(442
)
Site and network maintenance costs
(209
)
 
(176
)
 
(160
)
Employee related costs (B.4.)
(514
)
 
(451
)
 
(451
)
External and other services
(185
)
 
(152
)
 
(218
)
Rentals and operating leases
(155
)
 
(155
)
 
(159
)
Other operating expenses
(207
)
 
(197
)
 
(196
)
Operating expenses, net
(1,674
)
 
(1,593
)
 
(1,627
)
Disclosure of other operating income (expense)
The other operating income and expenses incurred by the Group can be summarized as follows:
Other operating income (expenses), net
 
Notes
 
2018
 
2017
 
2016
 
 
 
(US$ millions)
 
 
Income from tower deal transactions
C.3.4.
 
65

 
63

 
—

Impairment of intangible assets and property, plant and equipment
E.1., E.2.
 
(6
)
 
(12
)
 
(6
)
Gain (loss) on disposals of intangible assets and property, plant and equipment

 
8

 
1

 
(8
)
Other income (expenses)

 
9

 
16

 
—

Other operating income (expenses), net

 
76

 
68

 
(14
)
Disclosure of operating segments
Revenue, operating profit (loss), EBITDA and other segment information for the years ended December 31, 2018, 2017 and 2016, were as follows:
 
Latin America
 
Africa (vii)
 
Unallocated
 
Guatemala and Honduras(vii)
 
Eliminations and
Transfers
 
Total
 
(US$ millions)
Year ended December 31, 2018


 


 


 


 


 


Mobile revenue
3,214

 
510

 
—

 
(1,475
)
 
—

 
2,248

Cable and other fixed services revenue
1,808

 
12

 
—

 
(253
)
 
—

 
1,568

Other revenue
48

 
3

 
—

 
(6
)
 
—

 
46

Service revenue (i)
5,069

 
526

 
—

 
(1,734
)
 
—

 
3,861

Telephone and equipment and other revenue
415

 
1

 
—

 
(203
)
 
—

 
213

Revenue
5,485

 
526

 
—

 
(1,937
)
 
—

 
4,074

Operating profit (loss)
995

 
40

 
(47
)
 
(488
)
 
154

 
655

Add back:


 


 


 


 


 


Depreciation and amortization
1,133

 
107

 
5

 
(416
)
 


 
830

Share of profit in joint ventures in Guatemala and Honduras
—

 
—

 
—

 
—

 
(154
)
 
(154
)
Other operating income (expenses), net
(51
)
 
(3
)
 
(2
)
 
(19
)
 
—

 
(76
)
EBITDA(ii)
2,077

 
143

 
(44
)
 
(922
)
 
—

 
1,254

EBITDA from discontinued operations
—

 
3

 
—

 
—

 
—

 
3

EBITDA incl. discontinued operations
2,077

 
146

 
(44
)
 
(922
)
 
—

 
1,257

Capex(iii)
(872
)
 
(59
)
 
(2
)
 
225

 
—

 
(708
)
Changes in working capital and others(iv)
(42
)
 
28

 
13

 
(12
)
 
—

 
(13
)
Taxes paid
(264
)
 
(24
)
 
(6
)
 
142

 
—

 
(153
)
Operating Free Cash Flow(v)
899

 
91

 
(39
)
 
(568
)
 
—

 
383

Total Assets(vi)
11,754

 
839

 
2,752

 
(5,219
)
 
190

 
10,316

Total Liabilities
6,132

 
905

 
2,953

 
(1,814
)
 
(650
)
 
7,526

 
Latin America
 
Africa (vii)
 
Unallocated
 
Guatemala and Honduras(vii)
 
Eliminations and
Transfers
 
Total
 
(US$ millions)
Year ended December 31, 2017 (viii)
 
 
 
 
 
 
 
 
 
 
 
Mobile revenue
3,283

 
509

 
—

 
(1,510
)
 
—

 
2,281

Cable and other fixed services revenue
1,755

 
12

 
—

 
(213
)
 
—

 
1,553

Other revenue
40

 
5

 
—

 
(4
)
 
—

 
41

Service revenue (i)
5,078

 
524

 
—

 
(1,727
)
 
—

 
3,876

Telephone and equipment and other revenue
363

 
2

 
—

 
(165
)
 
—

 
200

Revenue
5,441

 
526

 
—

 
(1,892
)
 
—

 
4,076

Operating profit (loss)
899

 
41

 
(5
)
 
(431
)
 
140

 
645

Add back:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
1,174

 
110

 
6

 
(450
)
 
—

 
841

Share of profit in joint ventures in Guatemala and Honduras
—

 
—

 
—

 
—

 
(140
)
 
(140
)
Other operating income (expenses), net
(49
)
 
(11
)
 
10

 
(18
)
 
—

 
(68
)
EBITDA(ii)
2,024

 
140

 
11

 
(899
)
 
—

 
1,278

EBITDA from discontinued operations
—

 
73

 
—

 
—

 
—

 
73

EBITDA incl. discontinued operations
2,024

 
213

 
11

 
(899
)
 
—

 
1,351

Capex(iii)
(855
)
 
(99
)
 
(1
)
 
237

 
—

 
(718
)
Changes in working capital and others(iv)
(53
)
 
(6
)
 
(10
)
 
27

 
—

 
(42
)
Taxes paid
(239
)
 
(18
)
 
1

 
124

 
—

 
(132
)
Operating Free Cash Flow(v)
877

 
90

 
1

 
(511
)
 
—

 
459

Total Assets(vi)
10,411

 
1,482

 
598

 
(5,420
)
 
2,393

 
9,464

Total liabilities
5,484

 
1,673

 
1,465

 
(1,961
)
 
(478
)
 
6,183

 
Latin America
 
Africa
 
Unallocated
 
Guatemala and Honduras(vii)
 
Eliminations and
Transfers
 
Total
 
(US$ millions)
Year ended December 31, 2016 (viii)
 
 
 
 
 
 
 
 
 
 
 
Mobile revenue
3,318

 
541

 
—

 
(1,514
)
 
—

 
2,343

Cable and other fixed services revenue
1,611

 
15

 
—

 
(191
)
 
—

 
1,437

Other revenue
37

 
6

 
—

 
(4
)
 
—

 
39

Service revenue (i)
4,966

 
562

 
—

 
(1,709
)
 
—

 
3,820

Telephone and equipment and other revenue
386

 
2

 
—

 
(165
)
 
—

 
223

Revenue
5,352

 
565

 
—

 
(1,875
)
 
—

 
4,043

Operating profit (loss)
721

 
43

 
4

 
(394
)
 
(115
)
 
490

Add back:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
1,173

 
113

 
7

 
(441
)
 
—

 
853

Share of profit in joint ventures in Guatemala and Honduras
—

 
—

 
—

 
—

 
(115
)
 
(115
)
Other operating income (expenses), net
42

 
2

 
(6
)
 
(24
)
 
—

 
14

EBITDA(ii)
1,935

 
158

 
5

 
(859
)
 
—

 
1,241

EBITDA from discontinued operations
—

 
77

 
—

 
—

 
—

 
77

EBITDA incl. discontinued operations
1,935

 
235

 
5

 
(859
)
 
—

 
1,319

Capex(iii)
(886
)
 
(161
)
 
(6
)
 
242

 
—

 
(811
)
Changes in working capital and others(iv)
37

 
(2
)
 
(33
)
 
24

 
—

 
26

Taxes paid
(233
)
 
(33
)
 
(9
)
 
145

 
—

 
(130
)
Operating Free Cash Flow(v)
853

 
39

 
(43
)
 
(448
)
 
—

 
404

Total Assets(vi)
10,386

 
1,406

 
1,357

 
(5,589
)
 
2,067

 
9,627

Total liabilities
5,229

 
1,852

 
1,997

 
(1,942
)
 
(877
)
 
6,258

(i)
Service revenue is Group revenue related to the provision of ongoing services such as monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as data services, SMS and other value-added services excluding telephone and equipment sales. Revenues from other sources comprises rental, sub-lease rental income and other non recurrent revenues. The Group derives revenue from the transfer of goods and services over time and at a point in time. Refer to the table below.
(ii)
EBITDA is operating profit excluding impairment losses, depreciation and amortization and gains/losses on the disposal of fixed assets. EBITDA is used by the management to monitor the segmental performance and for capital management.
(iii) Cash spent for capex excluding spectrum and licenses of $61 million (2017: $53 million; 2016: $39 million) and cash received on tower deals of $141 million (2017: $167 million; 2016: nil).
(iv)
Changes in working capital and others include changes in working capital as stated in the cash flow statement, as well as share-based payments expense and non-cash bonuses.
(v)
Operating Free Cash Flow is EBITDA less capex (excluding spectrum and license costs) less change in working capital, other non-cash items (share-based payment expense and non-cash bonuses) and taxes paid.
(vi)
Segment assets include goodwill and other intangible assets.
(vii)
Including eliminations for Guatemala and Honduras as reported in the Latam segment.
(viii)
Restated as a result of classification of certain of our African operations as discontinued operations (see notes A.4. and E.3.).
Disclosure of number of permanent employees
Number of permanent employees
 
2018
 
2017
 
2016
Continuing operations(i)
16,987

 
14,404
 
13,211
Joint ventures (Guatemala, Honduras and Ghana – for 2018 and 2017)
4,416

 
4,326
 
4,023
Discontinued operations
—

 
397
 
751
Total
21,403

 
19,127
 
17,985
(i)
Emtelco headcount are excluded from this report and any internal reporting because their costs are classified as direct costs and not employee related costs.
Disclosure of employee related costs
 
Notes
 
2018
 
2017
 
2016
 
 
 
(US$ millions)
 
 
Wages and salaries

 
(356
)
 
(320
)
 
(290
)
Social security

 
(61
)
 
(57
)
 
(67
)
Share based compensation
B.4.1.
 
(21
)
 
(22
)
 
(14
)
Pension and other long-term benefit costs
B.4.2.
 
(7
)
 
(8
)
 
(6
)
Other employee related costs

 
(70
)
 
(45
)
 
(74
)
Total

 
(514
)
 
(451
)
 
(451
)
Disclosure of cost of share-based compensation
Cost of share based compensation
 
2018
 
2017
 
2016
 
(US$ millions)
 
 
2014 incentive plans
—

 
—

 
(1
)
2015 incentive plans
—

 
(3
)
 
(3
)
2016 incentive plans
(4
)
 
(6
)
 
(10
)
2017 incentive plans
(8
)
 
(12
)
 
—

2018 incentive plans
(11
)
 
—

 
—

Total share-based compensation
(21
)
 
(22
)
 
(14
)
Disclosure of assumptions and fair value of the shares under the TSR portion
Assumptions and fair value of the shares under the TSR portion
 
 
Risk-free
rate %
 
Dividend yield %
 
Share price volatility(i) %
 
Award term (years)
 
Share fair value (in US$)
Performance share plan 2018 (Relative TSR)
 
(0.39
)
 
3.21
 
30.27
 
2.93
 
57.70

Performance share plan 2017 (Relative TSR)
 
(0.40
)
 
3.80
 
22.50
 
2.92
 
27.06

Performance share plan 2017 (Absolute TSR)
 
(0.40
)
 
3.80
 
22.50
 
2.92
 
29.16

Performance share plan 2016 (Relative TSR)
 
(0.65
)
 
3.49
 
30.00
 
2.61
 
43.35

Performance share plan 2016 (Absolute TSR)
 
(0.65
)
 
3.49
 
30.00
 
2.61
 
45.94

Performance share plan 2015 (Absolute TSR)
 
(0.32
)
 
2.78
 
23.00
 
2.57
 
32.87

Executive share plan 2015 – Component A
 
(0.32
)
 
N/A
 
23.00
 
2.57
 
53.74

Executive share plan 2015 – Component B
 
(0.32
)
 
N/A
 
23.00
 
2.57
 
29.53

(i)
Historical volatility retained was determined on the basis of a three-year historic average.
Disclosure of plan awards and shares expected to vest
Plan awards and shares expected to vest
 
2018 plans
 
2017 plans
 
2016 plans
 
2015 plans
 
Performance plan
 
Deferred plan
 
Performance plan
 
Deferred plan
 
Performance plan
 
Deferred plan
 
Performance plan
 
Executive plan
 
CEO plan
 
Deferred plan
 
 
 
 
 
(number of shares)
Initial shares granted
237,196

 
262,317

 
279,807

 
438,505

 
200,617

 
287,316

 
98,137

 
40,664

 
77,344

 
237,620

Additional shares granted(i)
—

 
3,290

 
2,868

 
29,406

 
—

 
—

 
—

 
—

 
3,537

 
—

Revision for forfeitures
(13,531
)
 
(18,086
)
 
(34,556
)
 
(74,325
)
 
(49,164
)
 
(77,924
)
 
(37,452
)
 
—

 
—

 
(68,121
)
Revision for cancellations
(4,728
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total before issuances
218,927

 
247,521

 
248,119

 
393,586

 
151,453

 
209,392

 
60,685

 
40,664

 
80,881

 
169,499

Shares issued in 2016
—

 
—

 
—

 
—

 
(1,214
)
 
(1,733
)
 
(771
)
 
—

 
(25,781
)
 
(38,745
)
Shares issued in 2017
—

 
—

 
—

 
(2,686
)
 
(752
)
 
(43,579
)
 
(357
)
 
—

 
(28,139
)
 
(30,124
)
Shares issued in 2018
(97
)
 
(18,747
)
 
(2,724
)
 
(99,399
)
 
(2,050
)
 
(46,039
)
 
(27,619
)
 
(19,022
)
 
(26,961
)
 
(100,630
)
Performance conditions
—

 
—

 
—

 
—

 
—

 
—

 
(31,938
)
 
(21,642
)
 
—

 
—

Shares still expected to vest
218,830

 
228,774

 
245,395

 
291,501

 
147,437

 
118,041

 
—

 
—

 
—

 
—

Estimated cost over the vesting period (US$ millions)
12

 
14

 
9

 
20

 
8

 
12

 
4

 
2

 
6

 
12

(i)
Additional shares granted represent grants made for new joiners and/or as per CEO contractual arrangements.
Disclosure of directors renumeration charge
Remuneration charge for the Board (gross of withholding tax)
 
2018
 
2017
 
2016
 
(US$ ’000)
Chairperson
169

 
233

 
243

Other members of the Board
774

 
889

 
900

Total (i)
943

 
1,122

 
1,143

 
(i)
Cash compensation converted from SEK to USD at exchange rates on payment dates each year. Share based compensation based on the market value of Millicom shares on the corresponding AGM date (2018: in total 6,591 shares; 2017: in total 8,731 shares; 2016: in total 8,002 shares). Net remuneration comprised 51% in shares and 49% in cash (SEK) (2017: 52% in shares and 48% in cash; 2016: 50% in shares and 50% in cash).
Disclosure of shares beneficially owned by directors
Shares beneficially owned by the Directors
 
2018
 
2017
 
(number of shares)
Chairperson
8,554

 
7,000

Other members of the Board
15,333

 
20,067

Total
23,887

 
27,067
Disclosure of executive team renumeration charge
Remuneration charge for the Executive Team
 
CEO
 
CFO
 
Executive Team (9 members)(iii)
 
(US$ ’000)
2018
 
 
 
 
 
Base salary
1,112

 
673

 
3,930

Bonus
1,492

 
557

 
2,445

Pension
247

 
101

 
962

Other benefits
66

 
63

 
805

Termination benefits
—

 
—

 
301

Total before share based compensation
2,918

 
1,393

 
8,444

Share based compensation(i)(ii) in respect of 2018 LTIP
5,027

 
1,567

 
4,957

Total
7,945

 
2,960

 
13,401


Remuneration charge for the Executive Team
 
CEO
 
CFO
 
Executive Team (9 members)
 
(US$ ’000)
2017
 
 
 
 
 
Base salary
1,000

 
648

 
3,822

Bonus
707

 
455

 
1,590

Pension
150

 
97

 
629

Other benefits
64

 
15

 
1,193

Total before share based compensation
1,921

 
1,215

 
7,233

Share based compensation(i)(ii) in respect of 2017 LTIP
2,783

 
1,492

 
5,202

Total
4,704

 
2,707

 
12,435









Remuneration charge for the Executive team
 
CEO
 
CFO
 
Executive team
(9 members)
 
(US$ ’000)
2016
 
 
 
 
 
Base salary
1,000

 
599

 
3,797

Bonus
660

 
450

 
1,411

Pension
150

 
82

 
513

Other benefits
48

 
18

 
720

Total before share based compensation
1,858

 
1,149

 
6,441

Share based compensation(i)(ii) in respect of 2016 LTIP
2,660

 
1,481

 
4,031

Total
4,518

 
2,630

 
10,472

 
(i)
See note B.4.1.
(ii)
Share awards of 80,264 and 112,472 were granted in 2018 under the 2018 LTIPs to the CEO, and Executive Team (2017: 61,724 and 167,371, respectively; 2016: 49,171 and 104,573, respectively).
(iii)
Other Executives’ compensation includes Daniel Loria, former CHRO and Rodrigo Diehl, EVP Strategy.
Disclosure of other non-operating (expenses) income, net
Non-operating items mainly comprise changes in fair value of derivatives and the impact of foreign exchange fluctuations on the results of the Group.
 
Year ended December 31,
 
2018
 
2017
 
2016
 
(US$ millions)
 
 
Change in fair value of derivatives (see note D.1.2.)
(1
)
 
(22
)
 
3

Exchange gain (loss), net
(41
)
 
18

 
25

Other non-operating income (expenses), net
2

 
0

 
(9
)
Total
(40
)
 
(4
)
 
20
Disclosure of income tax charge
Income tax charge
 
2018
 
2017
 
2016
 
(US$ millions)
Income tax (charge) credit
 
 
 
 
 
Withholding tax
(64
)
 
(74
)
 
(44
)
Other income tax relating to the current year
(86
)
 
(85
)
 
(74
)
 
(150
)
 
(159
)
 
(118
)
Adjustments in respect of prior years
1

 
(12
)
 
(26
)
 
(149
)
 
(171
)
 
(144
)
Deferred tax (charge) credit

 

 

Origination and reversal of temporary differences
32

 
15

 
45

Effect of change in tax rates
(10
)
 
19

 
1

Tax income (expense) before valuation allowances
22

 
34

 
46

Effect of valuation allowances
(8
)
 
(30
)
 
(88
)
 
14

 
4

 
(42
)
Adjustments in respect of prior years
19

 
9

 
7

 
33

 
13

 
(35
)
Tax (charge) credit on continuing operations
(116
)
 
(158
)
 
(179
)
Tax (charge) credit on discontinuing operations
—

 
—

 
6

Total tax (charge) credit
(116
)
 
(158
)
 
(173
)
Disclosure of income tax calculation
Income tax calculation
 
2018
 
2017
 
2016
 
Continuing operations
 
Discontinued operations
 
Total
 
Continuing operations
 
Discontinued operations
 
Total
 
Continuing operations
 
Discontinued operations
 
Total
 
(US $ millions)
Profit before tax
129

 
(39
)
 
90

 
176

 
51

 
227

 
109

 
(26
)
 
83

Tax at the weighted average statutory rate
(5
)
 
4

 
(1
)
 
(12
)
 
(10
)
 
(22
)
 
9

 
6

 
15

Effect of:


 


 


 


 


 


 


 


 


Items taxed at a different rate
7

 
—

 
7

 
(11
)
 
0

 
(11
)
 
13

 
0

 
13

Change in tax rates on deferred tax balances
(10
)
 
—

 
(10
)
 
19

 
0

 
19

 
1

 
0

 
1

Expenditure not deductible and income not taxable
(59
)
 
(2
)
 
(61
)
 
(66
)
 
7

 
(59
)
 
(65
)
 
8

 
(57
)
Unrelieved withholding tax
(64
)
 
—

 
(64
)
 
(73
)
 
0

 
(73
)
 
(43
)
 
0

 
(43
)
Accounting for associates and joint ventures
5

 
—

 
5

 
17

 
0

 
17

 
29

 
0

 
29

Movement in deferred tax on unremitted earnings
(2
)
 
—

 
(2
)
 
1

 
0

 
1

 
(16
)
 
0

 
(16
)
Unrecognized deferred tax assets
(8
)
 
(2
)
 
(10
)
 
(31
)
 
(10
)
 
(41
)
 
(105
)
 
(15
)
 
(120
)
Recognition of previously unrecognized deferred tax assets
—

 
—

 
—

 
1

 
13

 
14

 
17

 
0

 
17

Adjustments in respect of prior years
20

 
—

 
20

 
(3
)
 
0

 
(3
)
 
(19
)
 
7

 
(12
)
Total tax (charge) credit
(116
)
 
—

 
(116
)
 
(158
)
 
0

 
(158
)
 
(179
)
 
6

 
(173
)
Weighted average statutory tax rate
3.9
%
 


 
1.1
%
 
6.82
%
 


 
9.69
%
 
(8.26
)%
 


 
(17.90
)%
Effective tax rate
89.9
%
 


 
128.9
%
 
89.77
%
 


 
69.60
%
 
164.22
 %
 


 
207.10
 %
Disclosure of deferred taxes and deductible temporary differences
Deferred tax
 
Fixed assets
 
Unused tax losses
 
Unremitted earnings
 
Other
 
Offset
 
Total
 
(US$ millions)
Balance at December 31, 2016
(23
)
 
113

 
(32
)
 
51

 
—

 
109

(Charge)/credit to statement of income
53

 
(61
)
 
1

 
20

 
—

 
13

Exchange differences
2

 
—

 
(1
)
 
1

 
—

 
2

Balance at December 31, 2017
32

 
52

 
(32
)
 
72

 
—

 
124

Deferred tax assets
88

 
52

 
—

 
79

 
(39
)
 
180

Deferred tax liabilities
(56
)
 
—

 
(32
)
 
(7
)
 
39

 
(56
)
Balance at December 31, 2017
32

 
52

 
(32
)
 
72

 
—

 
124

(Charge)/credit to statement of income
(18
)
 
(3
)
 
(2
)
 
56

 
—

 
33

Change in scope
(190
)
 
—

 
—

 
9

 
—

 
(181
)
Accounting policy changes
—

 
—

 
—

 
4

 
—

 
4

Exchange differences
—

 
(5
)
 
—

 
(6
)
 
—

 
(11
)
Balance at December 31, 2018
(176
)
 
44

 
(34
)
 
135

 
—

 
(31
)
Deferred tax assets
76

 
44

 
—

 
134

 
(52
)
 
202

Deferred tax liabilities
(252
)
 
—

 
(34
)
 
1

 
52

 
(233
)
Balance at December 31, 2018
(176
)
 
44

 
(34
)
 
135

 
—

 
(31
)

Deferred tax assets have not been recognized in respect of the following deductible temporary differences:
Deductible temporary differences
 
Fixed assets
 
Unused tax losses
 
Other
 
Total
 
(US$ millions)
At December 31, 2018
92

 
4,886

 
134

 
5,112

At December 31, 2017
68

 
4,844

 
162

 
5,074
Disclosure of unrecognized loss carryforwards
Unrecognized loss carryforwards expire as follows:
Unrecognized tax losses related to continuing operations
 
2018
 
2017
 
2016
 
(US$ millions)
Expiry:
 
 
 
 
 
Within one year
—

 
39

 
27

Within one to five years
3

 
494

 
493

After five years
493

 
—

 
—

No expiry
4,390

 
4,311

 
3,981

Total
4,886

 
4,844

 
4,501
Disclosure of earnings per share
Net profit/(loss) used in the earnings (loss) per share computation
 
2018
 
2017
 
2016
 
(US$ millions)
Basic and diluted:

 

 

Net profit/(loss) attributable to equity holders from continuing operations
29

 
36

 
(12
)
Net profit/(loss) attributable to equity holders from discontinued operations
(39
)
 
51

 
(20
)
Net profit/(loss) attributable to all equity holders to determine the basic earnings (loss) per share
(10
)
 
86

 
(32
)





Weighted average number of shares in the earnings (loss) per share computation
 
2018
 
2017
 
2016
 
(thousands of shares)
Weighted average number of ordinary shares (excluding treasury shares) for basic earnings (loss) per share
100,793

 
100,384

 
100,337

Potential incremental shares as a result of share options
—

 
—

 
—

Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution
100,793

 
100,384

 
100,337
Disclosure of vested and unvested share awards beneficially granted to the Executive team
hare ownership and unvested share awards granted from Company equity plans to the Executive team
 
CEO
 
Executive team
 
Total
 
(number of shares)
2018
 
 
 
 
 
Share ownership (vested from equity plans and otherwise acquired)
122,310

 
84,782

 
207,092

Share awards not vested
172,485

 
339,726

 
512,211

2017
 
 
 
 
 
Share ownership (vested from equity plans and otherwise acquired)
80,159

 
55,888

 
136,047

Share awards not vested
148,324

 
299,067

 
447,391